USD Partners LP - 10-K filing on 2016-03-10

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Components of Income Tax Expense

Components of our income tax expense are presented below:



	Years Ended December 31,
	2015		2014		2013
	(in thousands)
Current income tax expense
U.S. federal income taxes	$	45	$	—	$	—
State income taxes	154		156		30
Canadian federal and provincial income taxes	4,742		30		—
Total current income tax expense	4,941		186		30
Deferred income tax expense
Canadian federal and provincial income taxes	814		—		—
Total deferred income tax expense	814		—		—
Total income tax expense	$	5,755	$	186	$	30

Schedule of Income before Income Tax, Domestic and Foreign

The components of our income (loss) before income taxes and a reconciliation between income tax expense based on the U.S. statutory income tax rate and our effective income tax expense are presented below:



	Years Ended December 31,
	2015			2014			2013
	(in thousands)
Domestic	$	3,222		$	(2,374	)	$	(1,527	)
Foreign	20,226			(5,118		)	(284		)
Total income (loss) before income taxes	$	23,448		$	(7,492	)	$	(1,811	)

Income tax expense (benefit) at the U.S. statutory rate	$	7,972		$	(2,547	)	$	(634	)
Income attributable to partnership not subject to income tax	247			933			536
Foreign income tax rate differential	(2,303		)	313			28
Other	135			—			10
State income taxes	125			156			30
Change in valuation allowance	(421		)	1,331			60
Total income tax expense	$	5,755		$	186		$	30

Schedule of Deferred Tax Assets and Liabilities

Major components of deferred income tax assets and liabilities associated with our operations are as follows:



	December 31,
	2015			2014
	(in thousands)
Deferred income tax assets
Deferred revenues	$	1,245		$	1,939
Capital and operating loss carryforwards	424			1,496
Valuation allowance	(970		)	(1,391		)
	699			2,044
Deferred income tax liabilities
Prepaid expense	673			1,098
Property and equipment	775			946
	1,448			2,044
Net deferred income tax liability	$	749		$	—